To estimate the Funds From Operations (FFO) to Net Debt ratio based on standard S&P Global Ratings methodology, we proceed with the following steps using the provided financial facts for 2022 (reporting period 2022-01-01 to 2023-01-01): **1. Calculate Funds From Operations (FFO)** S&P defines FFO as Cash Flow from Operations (CFO) adjusted for working capital changes. From the provided cash flow statement: * Cash Flows From Used In Operating Activities (CFO): 35,700,000 EUR * Increase/Decrease In Working Capital (which negatively impacted cash): -927,600,000 EUR By adding back the cash consumed by working capital to the CFO, we get the FFO: FFO = CFO - Working Capital Changes FFO = 35,700,000 EUR - (-927,600,000 EUR) = 963,300,000 EUR *(Note: We can also verify this by starting from "Cash Flows From Used In Operations Before Changes In Working Capital" of 1,202.0m EUR, and subtracting cash interest and cash taxes paid, while adding dividends/interest received, which perfectly reconciles to ~963.3m EUR).* **2. Calculate S&P Adjusted Net Debt** Standard S&P Net Debt includes all interest-bearing financial liabilities, lease liabilities, and unfunded pension obligations, minus accessible cash and cash equivalents. * Noncurrent Financial Liabilities: 5,689,900,000 EUR * Current Financial Liabilities: 650,100,000 EUR * Noncurrent Lease Liabilities: 55,100,000 EUR * Current Lease Liabilities: 21,300,000 EUR * Noncurrent Provisions For Employee Benefits (Pensions): 92,000,000 EUR * Cash And Cash Equivalents: -1,942,400,000 EUR Adjusted Gross Debt = 5,689.9 + 650.1 + 55.1 + 21.3 + 92.0 = 6,508,400,000 EUR Net Debt = 6,508,400,000 EUR - 1,942,400,000 EUR = 4,566,000,000 EUR **3. Calculate the FFO / Net Debt Ratio** FFO / Net Debt = 963,300,000 EUR / 4,566,000,000 EUR ≈ 0.21097 (or ~21.1%) 0.211